Phoenix Arizona Real Estate Market Update - Will today's Mortgage Rates Impact Future Home Prices?
Phoenix has more Supply
Decreasing Demand
And FOR NOW Prices seem stable
However Sold Prices are a Lagging Indicator
AND
Mortgage Rates have skyrocketed.
8% of a Buyers Purchasing Power just vanished…
How will that impact us?
Let’s get into it and take a closer look at the Greater Phoenix Real Estate Market.
Watch the Video for the Data 😊
Let’s go deeper…
Mortgage Rates rose over 83 Basis Points in just over a month.
On a $500,000 Mortgage that’s $40,000 in Purchasing Power that just disappeared.
That’s going to impact pricing moving forward.
Sellers - Pay Attention
You need to factor this in or you’re going to be left behind.
It's easy to look at mortgage rates as primarily a buyer problem.
They're not.
Imagine your home was listed at a price that made sense when mortgage rates were 6.75%.
A qualified buyer looking at your home a month ago may now have roughly $40,000 less borrowing capacity if they're trying to maintain the same monthly payment.
Noodle that over…If you want to go in-depth check out my most recent blog:
That's it for this market update. When it's time to make your next move…I’d love the opportunity to be your real estate agent.
Dean Carver
Data Driven. Client Focused.
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